Bio-based Polyethylene Terephthalate Market Size, Share & Trends Analysis Report By Application (Bottles, Foam, Pressure Sensitive Adhesive Tape, Cosmetics), By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global bio-based polyethylene terephthalate market size was valued at USD 2.67 billion in 2023 and is projected to grow at a CAGR of 12.8% from 2024 to 2030. The market growth is attributed to environmental concerns over greenhouse gas emissions and the need for sustainable alternatives are fueling demand for bio-based plastics such as Bio-PET. In addition, the increasing use of bio-PET in packaging, especially in the food and beverage sectors is contributing to the market growth. Furthermore, a focus on renewable sources and a paradigm shift towards eco-friendly materials are contributing to the market expansion.

Bio-based PET is obtained naturally and is utilized to manufacture packaging items, plastic bottles, electronics & electrical components, and many more. Bio-based polyethylene terephthalate (PET) plastic is durable, transparent, and unbreakable, equal to petrochemical PET, making it a crucial biomaterial for sustainable growth. As it provides sustainability and biodegradability, it minimizes negative environmental impact and lowers pollution. Therefore, the demand encourages manufacturers to shift from non-degradable packaging to packaging designed for immediate disposal or degradable packaging to reduce harm to the earth. This subsequently elevates the market growth for bio-based polyethylene terephthalate.

In addition, many factors lead to market growth as the utilization of plastics is continuously demanded by various industries for numerous applications. However, Bio-PET, created from natural materials, is known as drop-in bioplastics and can be recycled, restricting conventional non-degradable plastic with harmful chemicals. Furthermore, the awareness among people about the disposing of waste and the adverse & harmful effects of plastics influences a sustainable environment by propelling the demand for bio-based polyethylene terephthalate by crucial companies for several applications.

Application Insights

Bottle application use dominated the market and accounted for the largest revenue share of 53.9% in 2023. Bottle packaging is in enormous demand from FMCG and the food, beverage, and personal care industries; however, the demand for eco-friendly packaging alternatives for traditional PET bottles is rising. Bio PET has gained worldwide attention due to its low carbon footprint, growing awareness about the impact of conventional plastics on the environment, and minimizing the reliability of fossil fuel sources, resulting in the utility of bio-based PET bottles. Bio-based PET has high transparency and good resistance to several chemicals and oils. Therefore, with rising pollution levels, stringent regulations of the government, and continuous expansion of food & beverages worldwide, the demand for bio-pet bottles is anticipated to boost vigorously in upcoming years.

Foam application is expected to grow at a CAGR of 14.7% over the forecast period. The bio-based foam products have attended to their importance due to the increasing demand for sustainable goods. The intense usage of these foam products results in their significant characteristics, such as being lightweight and having cushioning capacity, which is adopted in the manufacturing of sports equipment, aerospace, and automotive sectors, in construction for thermal insulation panels as it is heat insulators and protective packaging for products. Another factor for its demand is that synthetic polymer-based foam items have environmental effects, such as water and soil pollution, and greenhouse emissions significantly boost the market for bio-based polyethylene terephthalate.

Regional Insights

The bio-based polyethylene terephthalate market in North Americais expected to grow significantly over the forecast years. Demand from various industries in the region drives this growth. Furthermore, strict government regulations and multiple policies boost the use of biodegradable goods, with a focus on reducing carbon emissions. Continuous research for developments and advancements in production technology led to the improvement and increasing implementation of bio-based polyethylene terephthalate, which propels the market expansion.

U.S. Bio-based Polyethylene Terephthalate Market Trends

The U.S. bio-based polyethylene terephthalate market is projected to grow significantly. The region has a strong and well-established demand for packaged food, owing to lifestyle changes, the growing disposable income of people, the increasing population of working professionals, and the increasing preference for fast foods. Moreover, rising demands from companies such as beverages, food packaging, personal care, etc., with enhanced packaging support the demand for the market of bio-based polyethylene terephthalate.

Asia Pacific Bio-based Polyethylene Terephthalate Market Trends

The Asia Pacific bio-based polyethylene terephthalate market dominated the global market and accounted for the largest revenue share of 39.6% in 2023. With the presence of major manufacturers, strict laws protecting the environment by reducing pollution, and robust industrialization developments, the market for bio-based polyethylene terephthalate is rising across countries such as China, Japan, and India.

The bio-based polyethylene terephthalate market in China dominated the Asia Pacific market and accounted for the largest revenue share in 2023. The country is a mass producer and consumer of packaging materials for several end uses. The strong presence of the significant packaging industries, growing utilization of sustainable packaging, customer preference for bio-based plastic products over conventional petroleum-based plastic products, and increasing demand from the automotive sector are key factors propelling the bio-based polyethylene terephthalate market.

Latin America Bio-based Polyethylene Terephthalate Market Trends

Latin America bio-based polyethylene terephthalate market is expected to grow at a CAGR of 14.3% over the forecast years. This growth is driven by increasing consumer awareness of plastic pollution and a shift towards sustainable packaging solutions. Regulatory measures aimed at reducing greenhouse gas emissions further support this trend. Furthermore, the rising demand for eco-friendly materials in various sectors, including automotive and packaging, enhances market prospects. Economic growth in the region also contributes to the adoption of bio-based PET as a viable alternative to conventional plastics.

Europe Bio-based Polyethylene Terephthalate Market Trends

The bio-based polyethylene terephthalate market in Europe is expected to grow substantially over the forecast period driven by the rising demand for good-quality, lightweight, and durable products to enhance sustainability and minimize greenhouse emissions. Automotive, consumer goods, adhesive & foam tapes are another crucial segment, primarily adopted for various applications due to their properties and bio-degradable nature, influencing customers and manufacturers to reduce negative environmental impact. 

The UK bio-based polyethylene terephthalate market held a significant revenue share in 2023 owing to factors such as consumer goods, building and construction, agriculture, automotive equipment, coatings, adhesives, electrics, and electronics components, and others, which are expected to fuel the market growth of bio-based polyethylene terephthalate within coming years.

Key Bio-based Polyethylene Terephthalate Company Insights

Some of the key companies in the bio-based polyethylene terephthalate market include The Coca-Cola Company., Danone India., Indorama Ventures Public Company Limited., TORAY INDUSTRIES, INC., and Toyota Tsusho Corporation.;in the market focusing on development & innovative environment-friendly solutions.

• Toray Industries is a manufacturer of advanced film packaging films with excellent barrier properties and foams, which are used by various converters and manufacturers to make a wide range of finished goods for consumer and industrial applications. Barrier functionality can be added to various base materials such as PET and CPP according to application needs through deposition processing.

• Sundow Toyota Tsusho Corporation supplies a range of performance plastic polymers such as thermoplastic elastomers/synthetic rubber and Bioplastics such as plant-derived polyethylene. In addition, the company offers essential manufacturing polymers such as polyolefin (PP, HDPE, LDPE), polybutylene terephthalate (PBT), etc. These products are widely used in making roads (bitumen modification), adhesives, sealants & coatings, rigid & flexible plastic components, plastic packaging, engineering plastic parts, etc. 

Recent Developments

• In August 2023, Mitsubishi Corporation, in collaboration with Suntory Holdings and ENEOS, announced a groundbreaking initiative to establish a sustainable supply chain for PET bottles using biomass. This project was expected to utilize bio-paraxylene derived from bio-naphtha, produced from renewable resources such as used cooking oil. By the end of 2023, they aim to produce enough bio-PX for approximately 35 million PET bottles, marking a significant step towards reducing CO2 emissions and reliance on fossil fuels in the production of plastics.

• In September 2023, Toray Industries and Honda Motor Co. announced a collaboration to validate a chemical recycling technology for glass-fiber-reinforced nylon 6. This innovative method utilizes subcritical water to depolymerize nylon 6, transforming it back into caprolactam, a raw material. The project, supported by Japan's Ministry of the Environment, aims to establish a decarbonized circular economy by recycling automotive plastics, with plans to expand the technology's applications by 2027.

Bio-based Polyethylene Terephthalate Market Report Scope

Global Bio-based Polyethylene Terephthalate Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global bio-based polyethylene terephthalate market report based on application, and region: 

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Bottles

  • Foam

  • Pressure Sensitive Adhesive Tape

  • Substrate in Thin Film Solar Cells

  • Cosmetics

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Thailand

    • Indonesia

    • Vietnam

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait